Instructions For Form 990-Pf - Return Of Private Foundation Or Section 4947(A)(1) Nonexempt Charitable Trust Treated As A Private Foundation - Internal Revenue Service - 2010 Page 9
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32R. Disclosures Regarding
maintaining the World Wide Web page
are subject to income tax under subtitle A
must:
of the Code.
Certain Information and
•
Have procedures for ensuring the
For these purposes, U.S. territories are
Services Furnished
reliability and accuracy of the document
considered part of the United States. As a
that it posts on the page;
result, territories’ organizations are not
A section 501(c) organization that offers
•
Take reasonable precautions to
considered foreign organizations.
to sell or solicits money for specific
prevent alteration, destruction, or
information or a routine service to any
T. Liquidation, Dissolution,
accidental loss of the document when
individual that could be obtained by the
posted on its page; and
individual from a Federal Government
Termination, or
•
Correct or replace the document if a
agency free or for a nominal charge must
Substantial Contraction
posted document is altered, destroyed, or
disclose that fact conspicuously when
lost.
making such offer or solicitation.
If there is a liquidation, dissolution,
4. Notice requirement — To meet this,
Any organization that intentionally
termination, or substantial contraction
a private foundation must notify any
disregards this requirement will be subject
(defined below) of the organization, attach
individual requesting a copy of its annual
to a penalty for each day the offers or
the following to the filing.
•
returns and/or exemption application
solicitations are made. The penalty is the
A statement to the return
where the documents are available
greater of $1,000 or 50% of the total cost
explaining it.
•
(including the Internet address). If the
of the offers and solicitations made on
A certified copy of the liquidation plan,
request is made in person, the private
that day.
resolution, etc. (if any) and all
foundation must notify the individual
amendments or supplements that were
S. Organizations
not previously filed.
immediately. If the request is in writing, it
•
A schedule that lists the names and
must notify the individual within 7 days of
Organized or Created in a
addresses of all recipients of assets.
receiving the request.
•
Foreign Country
An explanation of the nature and fair
market value of the assets distributed to
If an organization applies any provision of
Penalties
each recipient.
any U.S. tax treaty to compute the
A penalty may be imposed on any person
Additional requirements. For a
foundation’s taxable income, tax liability,
who does not make the annual returns
complete corporate liquidation or trust
or tax credits in a manner different from
(including all required attachments to
termination, attach a statement as to
these instructions, attach an explanation.
each return) or the exemption application
whether a final distribution of assets was
Section 4948(a) imposes a 4% tax on
available for public inspection according
made and the date it was made (if
the gross investment income (but not
to the section 6104(d) rules discussed
applicable).
capital gain net income) of an exempt
above. If more than one person fails to
Also, an organization must indicate:
foreign private foundation from U.S.
comply, each person is jointly and
•
That it has ceased to exist and check
sources, such as dividends, interest,
severally liable for the full amount of the
Final return in block G of the Entity
rents, payments received on securities
penalty. The penalty amount is $20 for
section on page 1 of the return, or
loans as defined in section 512(a)(5), and
each day during which a failure occurs.
•
That it is terminating its private
royalties. Amounts taken into income on
The maximum penalty that may be
foundation status under section
Form 990-T are excepted. The section
imposed on all persons for any one
507(b)(1)(B), according to General
4948(a) tax replaces the section 4940 tax
annual return is $10,000. There is no
on the net investment income of a
Instructions U and V, or
maximum penalty amount for failure to
•
domestic private foundation. To pay any
That it is voluntarily terminating its
make the exemption application available
tax due, see the instructions for Part VI,
private foundation status under section
for public inspection.
line 9. A foreign foundation does not
507(a)(1) and owes a termination tax and
complete Form 990-PF, Parts IV and V.
send the notice (and tax payment, if
Any person who willfully fails to comply
applicable) required by Rev. Rul.
Under section 4948(b), sections 507,
with the section 6104(d) public inspection
2003-13, 2003-4 I.R.B. 305, and Rev.
508, and chapter 42 (other than section
requirements is subject to an additional
Rul. 2002-28, 2002-20, I.R.B. 941
4948) do not apply to a foreign
penalty of $5,000.
(2002-1 C.B., 941) to the Manager,
organization that from the date of its
Exempt Organizations Determinations, at
creation has received at least 85% of its
Requirements Placed on the
the address given in General Instruction
support (as defined in section 509(d),
IRS
U.
excluding gross investment income) from
A private foundation’s Form 990-PF,
Relief from public inspection
sources outside the United States. The
990-T, and approved exemption
requirements. If the organization has
foreign foundation’s 501(c)(3) status can
application may be inspected by the
be revoked, however, if it commits a
terminated its private foundation status
public at an IRS office for your area or at
violation of chapter 42 (other than section
under section 507(b)(1)(A), it does not
the IRS National Office in Washington,
4942) after receiving a warning of a
have to comply with the notice and public
DC.
violation from the IRS, or if it commits a
inspection requirements of the return for
willful and flagrant violation. A foreign
the termination year.
To request a copy or to inspect a Form
foundation described in section 4948(b)
Filing date. See General Instruction J
990-PF, 990-T, or an approved exemption
does not complete Form 990-PF, Parts X
for the filing date.
application, complete Form 4506-A.
(unless claiming status as an operating
Definitions. The term substantial
Generally, there is a charge for
foundation), XI, XIII, and XV; is not
contraction includes any partial liquidation
photocopying.
required to send a copy of its annual
or any other significant disposition of
return to a state official; and is not
Also, the IRS can provide a complete
assets. However, this does not include
required to comply with the public
set of Forms 990-PF filed for a year on
transfers for full and adequate
inspection requirements for annual
CD and/or DVD. A partial set of Forms
consideration or distributions of current
returns (see General Instructions G and
990-PF filed by state or by month is also
income.
Q). The foundation must attach a
available. Call 1-877-829-5500 or write to
computation of the 85% test to the return.
A significant disposition of assets does
the address below for details.
not include any disposition for a tax year
Taxable foreign private foundations
if:
Internal Revenue Service
are foreign section 4947(a)(1) nonexempt
RAIVS Unit MS:6716
charitable trusts are not subject to excise
1. The total of the dispositions for the
Ogden, UT 84201
tax under sections 4948(a) or 4940, but
tax year is less than 25% of the fair
-9-
Form 990-PF Instructions
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